Roger Hannah were instructed by the landlord of a prominent industrial unit situated on the outskirts of Trafford Park, Manchester to negotiate an outstanding rent review on their behalf.
The unit was occupied and utilised as a trade counter and builders supply depot and extended to over 10,000 sq ft. The rent set was historic and our instructions were to seek an increase which would reflect the much improved industrial market.
An inspection and rental assessment was carried with a thorough and in depth report prepared offering advice and recommendations to the client on how to proceed.
Roger Hannah were subsequently instructed to enter into negotiations with the tenant who were represented by an established national firm.
Following extensive negotiations and involvement in preparing documentation relating to a potential 3rd party determination, our surveyor was successful in agreeing a negotiated settlement, achieving an increase in the passing rent in excess of 40%.
This follows on from a number of positive transactions Roger Hannah have been involved in specifically on Rent Reviews, adding to our list of satisfied clients.
Speaking of the successful negotiation, Demetri Papaioannou, Senior Surveyor in the Lease Advisory Department commented:
“We are delighted with the outcome of the rent review process for our client and ultimately the increase in rent achieved. The transaction is evidence of our experience and knowledge within this particular sector and highlights the importance of how professional representation can help to achieve a clients’ objectives.”
Our dedicated Lease Advisory team can help with rent reviews, lease renewals, restructuring/re-gearing or lease surrender and assignments or sub-lettings as well as general advice on all lease related matters and landlord and tenant issues or disputes.